Conti acquisition of Goodyear OTR ‘a complementary fit’ and analysts’ preferred ‘area for capital allocation’
Valuing Goodyear’s for-sale OTR tyre business at between $800 million and $1 billion, financial analysts have evaluated a hypothetical acquisition of the unit by Continental AG as “a complementary fit”. Writing in an investor’s note dated 23 April 2024, the Jefferies report endorsed the business case behind the scenario:
Continue ReadingGoodyear begins phase 2 of LIST partnership
The Luxembourg Institute of Science and Technology (LIST) and The Goodyear Tire & Rubber Company have commenced a second phase of their strategic collaboration. Goodyear says this next step in the two parties’ joint work will not only leverage previous achievements but will also “delve into new technological avenues.”
Continue ReadingKumho Tire presents expanded stand and new products at Tire Cologne
Kumho Tire its participating in this year’s The Tire Cologne exhibition with a revamped stand spanning 408 square metres. Positioned at Hall 6, Stand A030/B039, the company is set to showcase its comprehensive portfolio featuring the Kumho and Marshal brands, providing visitors with an immersive experience to explore the latest advancements across the car, SUV/4x4, van, and truck segments.
Continue ReadingOne less headache – let MFS keep your fleet on the road
After the doldrums of the “COVID years”, new vehicle sales are slowly recovering. The SMMT reports that the UK new car market clocked up its 20th consecutive month of growth in March, with a 10.4% year-on-year rise in registrations, adding 320,000 new cars – the best March since 2019; whilst 53,000 new light commercial vehicles also joined UK roads in March as more fleet owners upgraded to the latest models than in any other month in the last three years – an increase of 11.1%.
Continue ReadingTriangle Tyre prepares 150sqm booth for The Tire Cologne 2024
Triangle Tyre will exhibit at The Tire Cologne with a 150sqm booth designed to highlight its role in the European tyre market. The prominent stand (see picture) will also feature a 12sqm LED wall to enhance the manufacturer’s impact on the global tyre fair, helping it to stand out amongst the 273 confirmed exhibitor stands confirmed for the event at time of writing. Triangle Tyre is a mainstay of the largest European fair, exhibiting at every event since The Tire Cologne replaced Messe Essen’s biannual Reifen event.
Continue ReadingContinental marks Thailand milestones
This month, Continental commemorates 15 years since the inception of its tyre business in Thailand and five years of tyre production at its Rayong plant. With an investment of 250 million euros in the eastern region of the country, the manufacturer has established a facility that employs 900 local workers and has annual production capacity of 4.8 million passenger and light truck tyres, alongside motorcycle tyres, and caters to both original equipment and replacement sectors.
Continue ReadingMichelin reports 4.6% lower Q1 2024 sales
Michelin Group has disclosed its financial results for the first quarter of 2024, reporting total sales amounting to €6,642 million. This figure marks a decline of 4.6 per cent compared to the corresponding period in the previous year. The decrease in sales can be attributed to various factors, including a decline in tyre volumes, driven by weaknesses in certain markets, including construction and agricultural tyres, as well as mining tyre inventory drawdowns.
Continue ReadingContinental fined 100 million euros for powertrain division issue
The public prosecutor’s office in Hannover, Germany today issued Continental AG a fine totalling 100 million euros. Proceedings relate to a “negligent breach of supervisory duties” within the company’s former powertrain division in connection with the supply of engine control units and engine control unit software (including for the VW EA189 1.6l). The fine consists of 5 million euros in penalties and a 95-million-euro levy of economic benefits.
Continue ReadingTPMS changes a positive step, says Goodyear
New legislation applicable to Tire Pressure Monitoring Systems (TPMS) will come into effect within the European Union from 7 July. The new law outlines the minimum operating standard for TPMS devices, including the data that’s displayed to drivers in real-time.
Continue ReadingDavid Geraghty appointed moveero CEO
David Geraghty has been appointed Chief Executive Officer (CEO) industrial and OTR wheelmaker moveero with immediate effect. Geraghty brings over 25 years’ experience in senior roles with multi-national, multi-billion-dollar organisations to the business, including his most recent position as president of Yokohama Off Highway Tires (YOHT), America, responsible for Aftermarket and OE operations.
Continue ReadingC. L. Tyres, Fork Truck Tyres appoint liquidator
After a couple of years of rapid expansion, C. L. Tyres and Fork Truck Tyres, which the industrial tyre distributor acquired last year, have voluntarily appointed liquidators. According to official documents filed with Companies House on 24 April 2024, C. L. Tyres made an “extraordinary resolution to wind up” on 10 April 2024.
Continue ReadingMorrocco first – Sentury Tire redirects funds earmarked for Spanish plant
Sentury Tire has disclosed that it will invest the approximately RMB 2.8 billion (£313 million) it raised to set up a factory in Spain in the construction of its Moroccan plant instead. The motivation behind this decision, says Sentury Tire, is that while the facility in Spain is still in the “approval process” with no clear indication of when this will conclude, the tyre plant in Morrocco is “progressing well” and has a greater need for capital expenditures.
Continue ReadingETRMA publishes #TRACTION4CHANGE Manifesto
The European Tyre and Rubber Manufacturers’ Association (ETRMA) has released its Manifesto for the legislative period of 2024-2029, titled “#TRACTION4CHANGE: A shared agenda for a competitive, secure, and inclusive Europe.” This manifesto advocates for strategic initiatives aimed at bolstering the industrial competitiveness of the sector while emphasising its crucial role in advancing zero-emission mobility, circularity, and sustainability.
Continue ReadingFalken adjusting prices from 1 June
Falken Tyre Europe shares that it will “implement structural price adjustments across Europe” from 1 June 2024. These changes affect the Falken and Sumitomo tyre brands in different product segments. The company has shared no details regarding specific price adjustments.
Continue Reading8 in a row: Maxxis a GM Supplier of the Year, again
Maxxis is a GM Supplier of the Year for an eighth consecutive year. GM recognised the tyre maker at an event honouring the company’s top global suppliers for 2023.
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